Asian Stocks Mixed After Wall Street Rebound

Asian stock markets were mixed after Wall Street rebounded and Japanese exports surged as investors tried to figure out how rising coronavirus infections will affect the global economy, the Associated Press reported. Shanghai, Tokyo and Sydney advanced, while Hong Kong and Seoul declined. Overnight, Wall Street’s benchmark S&P 500 index gained 1.5%, recovering much of the previous day’s loss. Japan’s government reported that June exports jumped 48.5% over a year earlier, beating forecasts. The increase was inflated by a plunge in trade in 2020, but still reflects strong demand overseas, especially in the U.S. and China. The Shanghai Composite Index rose 0.4% to 3,554.01, while the Nikkei 225 in Tokyo added 0.5% to 27,523.75. The Hang Seng in Hong sank 1% to 26,997.80, and the Kospi in Seoul shed 0.4% to 3,220.64. Sydney’s S&P-ASX 200 advanced 0.9% to 7,318.90 after the Australian government reported that retail sales rose 1.3% over a year ago in the three months ending in June. New Zealand and Jakarta gained while Singapore declined. On Wall Street, the S&P 500 rose to 4,323.06, recovering most of its 1.6% decline, its biggest in two months. Read more.

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